09:43 AM EDT, 08/08/2024 (MT Newswires) -- Hanesbrands ( HBI ) reported Q2 adjusted earnings of $0.15 per diluted share, up from $0.02 a year earlier.

Analysts polled by Capital IQ expected $0.10.

Net sales for the quarter ended June 29 were $995.4 million, compared with $1.04 billion a year earlier.

Four analysts surveyed by Capital IQ expected $1.35 billion.

The company cut its 2024 outlook, with adjusted EPS now expected to be in the range of $0.31 to $0.37 compared with the prior forecast of $0.42 to $0.48. Analysts polled by Capital IQ are looking for $0.46.

Full-year net sales are now expected to be between $3.59 billion and $3.63 billion, compared with $5.35 billion to $5.47 billion previously. Analysts polled by Capital IQ expect $5.31 billion.

For Q3, the company is projecting adjusted EPS of $0.09 to $0.14 on net sales of $920 million to $950 million. Analysts are looking for $0.25 and $1.51 billion, respectively.

Hanesbrands ( HBI ) shares were up 5.8% in early trading.

Price: 5.50, Change: +0.30, Percent Change: +5.77